Deals of the Century: Wall Street, Mergers, and the Making of Modern America
Chapter One. Building the Infrastructure.
Chapter Two. Driving to the Store.
Chapter Three. Power Plays and Conspiracy Theories.
Chapter Four. Roll Over, Euclid.
Chapter Five. Visigoths versus the Legions.
Chapter Six. Spawned by Deregulation.
Chapter Seven. Old Bedfellows.
Forecast: The many readers trying to make sense of Wall Street will be grateful for Geisst's comprehensive and thoughtful retelling of the turmoil and transformation of the past 100 years. (Publishers Weekly, October 27, 2003)
Even during the late 1990s boom, it was common knowledge that most acquisitions failed to justify the premiums paid to make them happen. Yet the deals continued. This colorful narrative shows the same pattern throughout the twentieth century. Geisst, a historian, describes the trinity of interests that drove most deals: shareholders of the acquired firms wishing to sell out, investment bankers eager for fees, and executives at the acquiring firms seeking a growing empire and higher compensation. These interests, he argues, usually overwhelmed any actual synergies for the acquirers themselves—as evidenced by the fact that most deals happened only when stock prices were rising and investors were least likely to object. Nevertheless, Geisst implies, deal making must have had some larger social purpose, because he ties it to the development of the prosperous U.S. economy as a whole. Even if deal making has not directly boosted shareholder value, for example, it surely facilitated entrepreneurship in the long run in that it made entrepreneurs confident that they could find buyers when they wanted out. (Harvard Business review, December 2003)
- AUTHOR IS A PROFESSOR OF FINANCE AT MANHATTAN COLLEGE
- BESTSELLING AUTHOR: Geisst has been well reviewed in such important business publications as The Wall Street Journal. A veteran author of 13 books, Geisst has published with Wiley, Oxford University Press, and McGraw-Hill.
- INTRIGUING: Fascinating insight as Geisst connects events and deals with the world of modern finance.
- VALUABLE ADDITION TO THE LITERATURE: Histories of Wall Street have been well received by the general audience and are well represented on the history and finance shelves. A history of the biggest, most influential mergers has yet to be done. Geisst has the proven skills to paint an exciting portrait of this dynamic aspect of financial history